intelligence. We saw that recently with an AI demonstration from our industry

intelligence we saw that recently with an ai demonstration from our industry


This work has led us to begin planning with NCI for a potential combination

this work has led us to begin planning with nci for a potential combination


And we don't do it in just one location. We'll probably do it in 4 before we'll draw a conclusion,

and we don't do it in just one location we'll probably do it in 4 before we'll draw a conclusion


providing more detail on that as we move through the rest of this year.


that enables previously unachievable performance attributes quickly.


little bit different than what you said. We have developed our first enzyme

little bit different than what you said we have developed our first enzyme


Reference to the company's website does not constitute the corporation of any of the information.

reference to the company's website does not constitute incorporation of any of the information


We continue to actively monitor both our partners and overall insurance performance.

we continue to actively monitor both our partners and overall insurance performance


and are optimistic related to expanded opportunities in this space.


And of course, we are trying to work with them in order to see

and of course we are trying to work with them in order to see


particularly with COF. We are also encouraged

particularly with cof we are also encouraged


It has to be something that's complementary to this core business that we have.

it has to be something that's complementary to this core business that we have


Yes. Well I would say, when you think about the fixed cost spreading over

yes well i would say when you think about the fixed costs spreading over


The reconciliation of these measures to GAAP is provided in the tables to the press release.

the reconciliation of these measures to gaap is provided in the tables to the press release


insist on value investment. So through investment we can

insist on value investment so through investment we can


in the second quarter, but we have great confidence as we look to the back half of the year,

in the second quarter but we have great confidence as we look to the back half of the year


positioning us to thrill our customers and take customers from our competition.


And that's what we're doing. That's the new part for us, right there.

and that's what we're doing that's the new part for us right there


magnitude of change in dizziness comes from a baseline that was significant to begin with.

magnitude of change in dizziness comes off a baseline that was significant to begin with


opportunities do you foresee for the platform itself?


between 8 and 10 years of data exclusivity from the date of approval.


There was a focus that we had in the first half really around new logo development

there was a focus that we had in the first half really around new logo development


there is this idea of tax reform out there, which may or may not make our

there is this idea of tax reform out there which may or may not make our


We are also closely monitoring the potential impact of the wildfires on our business.

we are also closely monitoring the potential impact of the wildfires on our business


that we will have pilot programs with those folks going mimicking the Aetna experience here.

that we will have pilot programs with those folks going mimicking the etna experience here


Good progress has been made on our target operating model initiatives,

good progress has been made on our target operating model initiatives


to end customers on a single purchase order with literally one throat to choke.


Our adjusted effective income tax rate of 19% for the second quarter

our adjusted effective income tax rate of 19% for the second quarter


is we do a significant amount of contract manufacturing purchases


Our pipeline, which I'll touch on in a minute -- in a moment, which remains full,

our pipeline which i'll touch on in a minute -- in a moment which remains full


as we moved into the second quarter in Canada and we did also see the differential

as we moved into the second quarter in canada and we did also see the differential


look to test extension of those reservoirs on the western flank of the field. And


In the case of other sectors, a better domestic outlook should grow investments levels as well.

in the case of other sectors a better domestic outlook should grow investment levels as well


and we anticipate that, that cash flow is sustainable over the long term.

and we anticipate that that cash flow is sustainable over the long term


the market potential and the timing of specific


Performance fees, which are excluded from the calculation of our average management fee rates,

performance fees which are excluded from the calculation of our average management fee rate


I am very pleased to say that his idea carries on.

i am very pleased to say that his ideal carries on


the most profitable industrial gas company in the world


our understanding of the market dynamics when that second entrant came in is that there was really no


and the sensitivity to the forecast for this fiscal year


And for all of our senior leaders in our business, some of them are going to do well beyond that.

and for all of our senior leaders in our business some of them are going to do well beyond that


Our Courtyard in Los Angeles West Side continues to deliver impressive results.

our courtyard in los angeles website continues to deliver impressive results


made a big leap forward in the meat business.


So in our expectation of free capital generation over the plan period,

so in our expectation of free capital generation over the planned period


of an acquisition, while maintaining continuity of our normal business activities.

of an acquisition while maintaining continuity of our normal business activities


the physician activity engaged in switching patients from one product to the other.

say physician activity engaged in switching patients from one product to the other


Before I turn the call back to Steve, I'd also like to highlight our disclosure in the 10-K

before i turn the call back to steve i'd also like to highlight our disclosure in the 10-k


related to the timing and amount of revenue recognized for products in the production process.


and refining our trade strategies in order to drive profitable growth.


open it back up assuming this customer may have been waiting this year to see how the weather played out?

opened it back up assuming this customer may have been waiting this year to see how the weather played out


And related to that, do you think you'll capture any market share from sort of ski resorts in the Northeast which

and related to that do you think you'll capture any market share from sort of ski resorts in the northeast which


The Midwest and Southeast underperformed the company average.

the midwest and southeast underperformed the company average


I think we've learned a number of lessons in the last year. It certainly does take longer

i think we've learned a number of lessons in the last year it certainly does take longer


to better serve our customers with a simplified in-store selling process.


So when we look into '18, we definitely will go back.

so when we look into '18 we definitely will go back


And the estimated enrollment of that again is somewhere around 1,000 patients or so.

and the estimated enrollment of that again is somewhere around 1 000 patients or so


and we have several potential outliers that greatly exceed this annual revenue range.


We view this as a path to sustainable and profitable growth for our shareholders.

we view this as a path to sustainable and profitable growth for our shareholders


that the net financial cost increased significantly, and this is mainly

that the net financial cost increased significantly and this is mainly


had a strong year, driven by continued robust growth in private market sales

had a strong year driven by continued robust growth in private market sales


This builds on the investments we've made in the last few years in new capabilities in digital,

this builds on the investments we've made in the last few years in new capabilities in digital


This concludes today's conference call. You may now disconnect.

this concludes today's conference call you may now disconnect


But it's not our strategy to use the tax asset just for the sake of using it. The aim is

but it's not our strategy to use the tax asset just for the sake of using it the aim is


patients into the hospital system. And they buy into the whole story beyond sort of

patients into the hospital system and they buy into the whole story beyond sort of


there's also that component of the business that shifts to technology and automation


where we segmented our sales force between commercial and enterprise, but we further segmented it

where we segmented our sales force between commercial and enterprise but we further segmented


The cost of serving these residential customers will be addressed in a future proceeding.

the cost of serving these residential customers will be addressed in a future proceeding


to be something worth paying attention to in the next decade, and we are going to position ourselves to make sure

to be something worth paying attention to in the next decade and we are going to position ourselves to make sure


looking to be as focused on that core part of our business as we could.


Turning to Slide 15. With all the major economies around the world growing,

turning to slide 15 with all the major economies around the world growing


when you're -- I think if you're looking at it the way you were just looking at it on a per-ton basis.

when you're -- i think if you're looking at it the way you were just looking at it on a per ton basis


and took it all the way to a business that was doing hundreds of millions of dollars


as you know, those come in, in large chunks. We've been working down the last

as you know those come in in large chunks we've been working down the last


We raised our full year adjusted EBITDA guidance range for the third time this year.

we raised our full year adjusted ebitda guidance range for the third time this year


This strategy reflects our view of global risk and return opportunities.

this strategy reflects our view of global risk and return opportunities


And for our part, we believe this is a very solid project. It's a good

and for our part we believe this is a very solid project it's a good


I have a question about


In line with that, I think you've seen over the last 2 years, we've started

in line with that i think you've seen over the last 2 years we've started


Garrett was unaware of that action prior to Honeywell's disclosure in its 10-Q.

garrett was unaware of that action prior to honeywell's disclosure in its 10-q


I think this is where we are coming from and this is -- will be -- always be

i think this is where we are coming from and this will be always the


We believe the nitrogen industry will further consolidate over time.

we believe the nitrogen industry will further consolidate over time


The need for technology combined with demanding existing customers and manufacturing capacity

the need for technology combined with demanding existing customers and manufacturing capacity


as I said, big opportunity, right, to take those learnings and take them on the road, right, and apply them

as i said big opportunity right to take those learnings and take them on the road right and apply them


area that they would have picked up, say, in the last 6 or 9 months to be in charge of all

area that they would have picked up say in the last 6 or 9 months to be in charge of all of


the value of those customers. We want to make sure that we're reaching them with the right frequency

the value of those customers and we want to make sure that we're reaching them with the right frequency


be difference makers for our clients and to our growth rates, but that also fit

be difference makers for our clients but -- and to our growth rates but that also fit


We've got accounting ability that I never had in the past.

we've got accounting ability that i never had in the past


And the impacts of these updates are far off with respect to our business.

and the impacts of these updates are far off with respect to our business


we've been looking at the distribution channel that is increasingly more


to include additional expenses related to a cost savings program.


because our view still based on all the lead indicators that we have seen is


is the primary rationale for these migration decisions.


capacity to support the increased automotive activity in that area.


The main highlights of our convention last week included

the main highlights of our convention last week included


derive what kind of spending we need to support those businesses


due to the fact that there were -- there was a lax in the approval of the

due to the fact that there were -- there was a lapse in the approval of the


last quarter of the year ended December have generally been the strongest.

last quarter of the year into december have generally been the strongest


Our mobility effort is anchored around 2 broad fronts.

our mobility effort is anchored around 2 broad fronts


And the other comment I would add is that in the second quarter of last year,

and the other comment i would add is that in the second quarter of last year


will be based on growth in our net assets rather than further reductions in our expenses.


Finally, on the next page, you'll see our public company performance since we started.

finally on the next page you'll see our public company performance since we started


in that particular area that you've brought on recently are probably among the highest

in that particular area that you brought on recently are probably among the highest


and hopefully to help you better understand this debt profile going forwards.


Following the completion of a strategic review, we announced the realignment of the organization,

following the completion of a strategic review we announced the realignment of the organization


to step back and look at our relationships and confirm


All I can say is that the company has been doing well.

all i can say is that the company has been doing well


Well, I don't have the number with me right now. So we will look into the matter and get back to you later.

well i don't have the number with me right now so we will look into the matter and get back to you later


in the coming year for these segments.


as much as the urgency on the part to act on the


Sure. Let me rephrase the question. Do you think this is a change

sure let me rephrase the question do you think this is a change


and execute firmly against its objective of sustainable and responsible growth.

and to execute firmly against its objective of sustainable and responsible growth


that we should have coordinated with our used business to maximize residuals.


would you guys assume if you had a similar amount of loan growth or a similar pace of loan growth

would you guys assume if you had a similar amount of loan growth or similar pace of loan growth


Thank you for joining Fred's to review the company's financial and operating results for the third quarter

thank you for joining fres to review the company's financial and operating results for the third quarter


the liquidity situation is not as plush as it was

the liquidity situation is not as flush as it was


And all these investment products at this stage

and all these investment products at this stage


Is there any real -- when can we start to see that

is there any real -- when can we start to see that


the reduction to our pretax income from our lower sales levels.


Given our scale, we are excited to think about what we can accomplish once integration is complete.

given our scale we are excited to think about what we can accomplish once integration is complete


the positive commentary and everything but Sports growing. So I guess, I'm just wondering is there any more

the positive commentary and everything but sports growing so i guess i'm just wondering is there any more


That's it for our prepared remarks. We'll now open it up for your questions.

that's it for our prepared remarks we'll now open it up for your questions


While we expect our Ohio and Texas health plans will continue to perform well,

while we expect our ohio and texas health plans will continue to perform well


show improvement in Colorado and consistently throughout the rest of the year.

show improvement in colorado and consistently throughout the rest of the year


stock compensation and legal expense related to the insurance recovery program.


we feel particularly good about the floating rate structure of our portfolio.


or are getting better at it, certainly, in a lot of places. So I think it's where it's supposed to be.

or getting better at it certainly in a lot of places so i think it's where it's supposed to be


Okay. So would it be fair to say that Q4 would be the heaviest

okay so would it be fair to say that q4 would be the heaviest


between now and the point of sale, which we expect that run rate of losses

between now and the point of sale would you expect that run rate of losses


This is an important proof point for the effectiveness of our Managed Exit initiative.

this is an important proof point for the effectiveness of our managed exit initiative


So I know that there's a bunch of bids that were sitting in a backlog, were kind of stuck,

so i know that there's a bunch of bids that we're sitting in a backlog we're kind of stuck


sounds like you're not necessarily including it yet? And just if you can remind us the building blocks

sounds like you're not necessarily including it yet and then just if you could remind us the building blocks


Thank you for your participation. You may now disconnect your lines at this time.

thank you for your participation you may now disconnect your lines at this time


are you seeing any opportunities there for bringing new people on board?


the members of the association were benefited. And they are now

the members of the association were benefited and they are now


We're excited to have begun to see the results of these efforts in the first half of the year.

we are excited to have begun to see the results of these efforts in the first half of the year


every projection we've done, it shows that, that should be enough to get

every projection we've done it shows that that should be enough to get us


facility by constructing more. This is one of the big investments that we have

facility by constructing more this is one of the big investments that we have


teach them how you want them to approach clients, teach them your culture,

teach them how you want them to approach clients teach them your culture


So I guess here's the comments that I would make on the NAND market.

so i guess here's the comments that i would make on the nand market


or the guidance in variable rate technologies today. That would be a real opportunity

or the guidance in variable rate technologies today that would be a real opportunity


and enabled us to regard the map as part of a unique and differentiated solution.


as to how fast an economy will come back. But I was just down there a few weeks ago,

as to how fast an economy will come back but i was just down there a few weeks ago


we had an improvement in our performance with our client metrics


I think as we've talked about and others have talked about in the market for some time now,

i think as we've talked about and others have talked about in the market for some time now


was a Friday going into the Fourth of July weekend, and a lot of folks just got out of town

that was a friday going into the 4th of july weekend and a lot of folks just cut out of town


Well, ladies and gentlemen, thank you for participating in today's conference.

well ladies and gentlemen thank you for participating in today's conference


changing the conversation around doors and making the door category more relevant.


we are and who we are going to continue to be. One of the primary principles talks about

we are and who we're going to continue to be one of the primary principles talks about


even if actual results or future expectations change materially.


we will not be stuck with the length that we had last year.


as well as modest increases to general inflation in the latter portion of the year.


Finally, trends in our power and civil construction markets are turning the corner.

finally trends in our power and civil construction markets are turning the corner


That concludes my updates on the individual therapeutics and therapeutic candidates.

that concludes my updates on the individual therapeutics and therapeutic candidates


And we expect this to increase given the fourth quarter impacts of Hurricane Matthew.

and we expect this to increase given the fourth quarter impacts of hurricane matthew


and a 16% increase in the average selling price versus the prior year.


in line with how we had estimated and evaluated.

in line with how we had estimated and guided


a little conservative here because we don't have great clarity on what the rest of the year will be.


the macro front, have you seen anything on the proactive side that's changed as far as like the demand environment?

the macro front have you seen anything on the proactive side that's changed as far as like the demand environment


Wells are drilled year round, then completed mostly during the summer.

wells are drilled year-round then completed mostly during the summer


filling techniques and marking techniques to improve on that.


although the full effect of some of these examples will be seen


because of our full portfolio and long presence, we see strong market share gains

because of our full portfolio and long presence we see strong market share gains


We both work in the recruiting space. We both now work in the learning space,

we both work in the recruiting space we both now work in the learning space


which should enable us to stabilize our business and position us for longer-term growth.


in so many different areas of our company whether it was wage, changes or bonuses to

in so many different areas of our company whether it was wage changes or bonuses


And in that space, we see the opportunity to bring what we call edge computing

and in that space we see the opportunity to bring what we call edge computing


We are terribly busy building out what we have set out to build.

we are terribly busy building out what we have set out to build


We have elevated our commitment through enhanced communication, time and resources.

we have elevated our commitment through enhanced communication time and resources


Everybody waits for the decisions, for the outcome of the trade war.

everybody waits for the decisions for the outcome of the trade war


working against their list of improved drug manufacturing process targets.


Thank you. And I'll now turn the call over to Scott. Scott?

thank you and i'll now turn the call over to scott scott


So we're very pleased with where we are on that front, but we've got to get

so we're very pleased with where we are on that front but we've got to get


There are a variety of reasons for this. So let me elaborate.

there are a variety of reasons for this so let me elaborate


has some negative effect. And in addition, I would say, we have

has some negative effect and in addition i would say we have


And how much cash do you need to keep overseas on an operational level? And if we see some

and how much cash do you need to keep overseas in operational level and if we see some


Our teams have begun to renew our existing U.S. and international service center capabilities

our teams have begun to review our existing u s and international service center capabilities


And we do expect our deposit and investment growth to continue to grow at

and we do expect our deposit and investment growth to continue to grow at


Before we begin, I'd like to refer you to the first 2 slides of our presentation

before we begin i'd like to refer you to the first 2 slides of our presentation


We expect this impact will be partially offset by incremental pricing.

we expect this impact will be partially offset by incremental pricing


And again, we were pleased that our bank group expressed their confidence in the company and the management team

and again we were pleased that our bangkok investors expressed their confidence in the company and the management team


on an average basis not to have a meaningful impact from the tax law changes.

on an average basis not to have meaningful impact from the tax law changes


But you should know that any approval that is granted by New York state

but you should know that in any approval that is granted by new york state


We did see a 60 basis point improvement in credit operating cost during the quarter

we did see a 60 basis point improvement in credit operating cost during the quarter


Sure. I mean, we want to be a supportive sponsor as we can be

sure i mean we want to be as supportive a sponsor as we can be


in new applications and new product releases moving forward.

and new applications and new product releases moving forward


Our Montana operations benefited from our ongoing investments in new game product

our montana operations benefited from our ongoing investments in new game product


However, I want to provide some basic information as we best understand it.

however i want to provide some basic information as we best understand it


but we certainly will be bringing that material -- those data to future scientific meetings.


and then we will establish the maintenance regimes to give us reliable 25-year income


The majority of adverse events reported by the investigators have been mild to moderate

the majority of adverse events reported by the investigators have been mild to moderate


Project orientation makes that a little bit harder or otherwise.

project orientation makes that a little bit harder or otherwise


that the new capacity is now installed and we are beginning to utilize it.


We do not plan to update predictions regarding possible future income statement results,

we do not plan to update predictions regarding possible future income statement results


is a return to normal for what has traditionally been expected for this time of year,


General commercial activity represents the largest segment of Canada's economy,

general commercial activity represents the largest segment of canada's economy


a little bit of margin compression, higher expenses but a lower tax rate,

a little bit of margin compression higher expenses but a lower tax rate


in many of these scenarios, the profit margins are quite thin.

in many of these scenarios the profit margins are quite thin


gives us flexibility to adapt to changing economic, tax and trade conditions,

gives us flexibility to adopt to changing economic tax and trade conditions


That's not something that we ever intend to use as a profit leader for us who's trying to drive

that's not something that we ever intend to use as a profit leader for us or trying to drive


Second, while we continue to operate in a difficult external environment,

second while we continue to operate in a difficult external environment


And with that, let me turn the call back over to Julie for just some final words.

and with that let me turn the call back over to julie for just some final words


As a reminder, this Parametric offering applies financial futures and other derivative instruments

as a reminder this parametric offering applies financial futures and other derivative instruments


other than the funding piece of it that we think they do exceptionally well.


Bob, we call it raw materials but it is all power.

bob we call it raw materials but it is our power


I think there's a lot of talk on the crude side. And when you look at

i think there's a lot of talk on the crude side and when you look at


to drive our strong growth and profitability in a seasonally strong quarter for the industry.


and it's a tremendous amount of information not only related to comparability


While medical professionals are the driving force behind successful outcomes,

while medical professionals are the driving force behind successful outcomes


This is because they can be directly influenced by the management team.

this is because they can be directly influenced by the management team


contingency into our expectations to make sure that we're not overpromising anything. So

contingency into our expectations to make sure that we're not over-promising anything so


So this year, there's only going to be a partial benefit. And the reason we say we'll have a better rate

so this year there's only going to be a partial benefit the reason we say we'll have a better rate


But there are signs of improvements underway. So film type

but there are signs of improvements underway so film type


As the capital projects start following that, you'll get a little bit more efficiency,

as the capital projects start following that you'll get a little bit more efficiency


All in all, while our products are in different stages of adoption,

all in all while our products are in different stages of adoption


and EBIT and EBITDA to be in the lower half of their respective ranges.

and ebit and ebitda to be in the lower half of their respective ranges


We completed and integrated 10 acquisitions, which broadened our diversified platform.

we completed and integrated 10 acquisitions which broadened our diversified platform


in the fourth quarter to help with seasonal surge needs of some of our Dedicated accounts.

in the fourth quarter to help with seasonal surge needs of some of our dedicated accounts


in accident frequency and severity and our commitment to continue safety improvements,


We thank our team for their ongoing efforts and our shareholders for your continued confidence in our company.

we thank our team for their ongoing efforts and our shareholders for your continued confidence in our company


that becomes our revenue when it's reported to us in the first quarter of the following year.


during an oral presentation at the annual meeting of the World Muscle Society in Mendoza, Argentina.

during an oral presentation at the annual meeting of the world muscle society in mendoza argentina


The number of common shares to be issued at the end of every 6-month interest period

the number of common shares to be issued at the end of every 6-month interest period


or that were thwarted by planning approvals that we were not able to achieve.

or they were thwarted by planning approvals that we were not able to achieve


of reconfiguring his organization to be much more effective


None of our forecast reflect any potential changes from tax reform.

none of our forecasts reflect any potential changes from tax reform


those figures as an indication of the passing rent on those properties

those figures as an indication of the passing rents on those properties


some of the new reorganizations and I think that would really impact really all of the business.

some of the new reorganizations and i think that would really impact really all of the business


similar to our entire portfolio. I mean, when you think about our portfolio as an asset,

similar to our entire portfolio i mean you think about our portfolio as an asset


I think next year will be much better than this year. And

i think next year will be much better than this year and


the measures to improve the fixed costs are more important then in priority.

the measures to improve the fixed costs are more important than in priority


earlier in 2015. We actually got authority from our board to

earlier in 2015 we actually got authority from our board to


while those legacy products move closer to the end of their respective life cycles.


we going to decline further compared to the lower comparison base last year


I would like to turn the conference back over to management for any additional or closing comments.

i would like to turn the conference back over to management for any additional or closing comments


and actual results may differ materially from those contemplated by these forward-looking statements.


This increase was offset by several unfavorable impacts during the quarter.

this increase was offset by several unfavorable impacts during the quarter


Before we begin, I'd like to refer you to the first 2 slides of our presentation

before we begin i'd like to refer you to the first 2 slides of our presentation


Last year, we discussed the market environment that drove our sales margins to a level

last year we discussed the market environment that drove our sales margins to a level


the training initiatives that we have. So to answer that, right now

the training initiatives that we have so to answer that right now


as swap rates decreased more than other asset yields during the third quarter.


that's always been a little spotty and I think you need to look at a broader trend than a single quarter

that's always been a little spotty and i think you need to look at a broader trend than a single quarter


I think we're very comfortable with our -- with the portfolio of services that we provide.

i think we're very comfortable with our -- with the portfolio of services that we provide


and we are also expanding our service offerings related to the federal Medicare programs.

and we are also expanding our service offerings related to the federal medicare programs


we should be able to get a bit of a bump in that gross profit margin,


extremely focused on. We started off knowing that the first quarter was going to be the most difficult,

extremely focused on we started off knowing that the first quarter was going to be the most difficult


in some cases. So you can see in some of the

in some cases so you can see in some of the


Before taking into account the realization of the lower effective tax rate,

before taking into account the realization of the lower effective tax rate


story there is how do we get these horizontal wells landed and completed


there's been no change in terms of our direct customers for the brand business.


The city gets multiple benefits from this project. The new lights

the city gets multiple benefits from this project the new lights


Let me first comment on cloud computing business,

let me first comment on cloud computing business


China Refinish market actually last year was flat overall as the new insurance

china refinishing market actually last year was flat overall as the new insurance


As a reminder, we believe that our existing cash, cash equivalents, and investments

as a reminder we believe that our existing cash cash equivalents and investments


How much of that do you actually need to run the business on an ongoing basis? And I

how much of that do you actually need to run the business on an ongoing basis


This is normal when we transfer volumes from one platform on to another.

this is normal when we transfer volumes from one platform onto another


I would use more we were over the last few years which has been pretty consistent

i would use where we were over the last few years which has been pretty consistent


that will allow us to move to a higher level of production


some of the performance we've had in the current year in our uninvested estates.


The market's peak impact from Porter Ranch was January through April, thus

the market's peak impact from porter ranch was january through april thus


credit facilities to absorb these financing requirements.


So we're making better choices about where we go and where we do not go,

so we're making better choices about where we go and where we do not go


Indeed, since then, we have seen a recovery of the Brazilian real

indeed since then we have seen a recovery of the brazilian real


While the teamwork we are witnessing and the opportunities ahead of us

well the teamwork we are witnessing and the opportunities ahead of us


Kew and I are keenly focused on growing our fee-related earnings.

q and i are keenly focused on growing our fee-related earnings


so that we could generate more revenue with video ads throughout the year.


we have the service piece and the monetization piece. The base

we have the service piece and the monetization piece the base


Operating expenses is expected to increase slightly

operating expenses is expected to increase slightly


for that products and that part of the market I would anticipate we would

for that product and that part of the market i would anticipate we would serve


with the application representing an enormous improvement over the first quarter average,


drive unexpected loss emergence at an industry level.


So we are encouraged by the traction we're seeing in the broader

so we are encouraged by the traction we're seeing in the broader


no explanation is needed. For those who don't, none will do.

no explanation is needed for those who don't none will do


I would say that it doesn't really make a material difference,

i would say that it doesn't really make a material difference


we find it harder and harder to identify banks out there


and MAP Navigator thereafter when it becomes available.

and map navigator thereafter when it becomes available


Now I'd like to also mention some disclosure enhancements that we telegraphed last quarter.

now i'd like to also mention some disclosure enhancements that were telegraphed last quarter


are your expectation for putting this program into the CST location?

your expectation for putting this program into the cst location


We continue to deliver strong free cash flow, which remains our key focus,

we continue to deliver strong free cash flow which remains our key focus


we encourage you to read the partnerships earnings release and documents on file with the SEC.

we encourage you to read the partnership's earnings release and documents on file with the sec


financial constraint within the alternative space because of the structure.


The quarter also demonstrated a significant accretive growth

the quarter also demonstrated a significant accretive growth


And that project should hopefully be validated by the end of this fiscal year.

and that project should hopefully be validated by the end of this fiscal year


and I just don't see that the story is being told. You're talking to us, and

and i just don't see that the story is being told you're talking to us and


It should be a solid year for the petroleum additives segment and the company as we

it should be a solid year for the petroleum additives segment and the company as we


Customers responded well to our lower prices and we continue to grow the top line.

customers responded well to our lower prices and we continue to grow the top line


The group produced a good performance in the 6 months period to the end of February.

the group has produced a good performance in the 6-month period to the end of february


as we work through the fourth quarter and into the first half of next year.


The differences between GAAP and base earnings are summarized on this slide.

the differences between gaap and base earnings are summarized on this slide


We have discussed at length the reasons why we are exiting the services delivery business,

we have discussed at length the reasons why we are exiting the services delivery business


of whether it's by geographic region or industrial versus consumer,


Bill brings a well-proven ability to lead successful research and development organizations

bill brings a well-proven ability to lead successful research and development organizations


which indicates the market attractiveness of the capabilities in this business.


These 2 measures are primarily how we internally measure our financial performance.

these 2 measures are primarily how we internally measure our financial performance


On a full year basis, we'd expect margins to be

on a full year basis we'd expect margins to be


and they have compact footprints compared to the rest of the proppant storage industry.

and they have compact footprints compared to the rest of the propane storage industry


in particular to better match our cost structure with current activity levels.


of paydowns we were anticipating by the end of June that just didn't occur.

of paydowns we are anticipating by the end of june that just didn't occur


So there is no magic to it. It really was just those 2 things.

so there is no magic to it it really was just those 2 things


We actually had a great bookings quarter just this last quarter. And so

we actually had a great bookings quarter just this last quarter and so


we tried to increase sales of candies to the younger generation.


consistent with the projections we have provided during the last few quarterly calls.


to reduce laboratory spend and bring down the cost of care.


On our first quarter call, I changed my perspective to a more balanced view of risk and opportunity.

on our first quarter call i changed my perspective to a more balanced view of risk and opportunity


This concludes today's conference call. You may now disconnect.

this concludes today's conference call you may now disconnect


With that, I'll now turn the call over to John Scribante. John?

with that i'll now turn the call over to john scrimonti john


Average in-store inventories were down slightly versus last year.

average in-store inventories were down slightly versus last year


We anticipate the project will be completed in the fourth quarter of this year or early next year.

we anticipate the project will be completed in the fourth quarter of this year or early next year


information about what has happened so far during the year, so they have a quite

information about what has happened so far during the year so they have a quite


along with the improvement of the customer mix

along with the improvement of the customers' mix


as well as increased activity in the distribution channel in the Americas.

as well as increased activity in the distribution channel in the americas


is pretty consistent to what we heard in market research when we evaluated the compound.


so a lot of geographical restructuring going on in that contract.


and believe that our asset management platform is among the best in the industry.


premiums are you getting to your regular rate?


And as we mentioned last quarter, we continued to optimize our network.

and as we mentioned last quarter we continued to optimize our network


had some in it. But it really got more dramatically pronounced in the third and fourth quarter.

had some in it but it really got more dramatically pronounced in the third and fourth quarter


This increase was driven by a rebound in orders from oil and gas upstream, which were

this increase was driven by a rebound in orders from oil and gas upstream which were


is also growing consistently with our expectations.


We have all of the homes that we are planning to occupy this year

we have all of the homes that we are planning to occupy this year


Our Europe business continues to demonstrate solid operating performance,

our europe business continues to demonstrate solid operating performance


you're in a high tax area. Did you hear what Illinois was trying to pass?

you're in a high tax area did you hear what illinois was trying to pass


We'll update you on its impact to our financials after the closing.

we'll update you on its impact to our financials after the closing


in the power generation market. So we think very positive things in terms of

in the power generation market so we think very positive things in terms of


We have instead served customers largely in response to inbound requests.

we have instead served customers largely in response to inbound requests


and will report detailed results from the full study at a future scientific meeting.

and we'll report detailed results from the full study at a future scientific meeting


And with that, I will turn it over to the operator and we will open up the call

and with that i will turn it over to the operator and we will open up the call


Derek will then walk us through the details on the quarter, provide some additional information on our guidance

derek will then walk us through the details on the quarter and provide some additional information on our guidance


Because I think you guys have been focused on this for at least the last year. And

because i think you guys have been focused on this for at least the last year and


There are indications that market sentiment may be gradually improving in the segment,

there are indications that market sentiment may be gradually improving in the segment


As Patrick has said many times, we are going to ramp our way up

as patrick has said many times we are going to ramp our way up


As the problems become less defined, the design tools must be more flexible

as the problems become less defined the design tools must be more flexible


The comment period with respect to the draft advisory ended on October 21, and

the comment period with respect to the draft of leisure ended on october 21


to be that big of a benefit. But they certainly are all positive for the overall business environment.

to be that big of a benefit but they certainly are all positive for the overall business environment


Thank you very much for your attendance and questions, and I wish you a good day.

thank you very much for your attendance and questions and i wish you a good day


to make sure that the people will really focus on this very good opportunity.


but I think it's more than the vertical integration. It's our geographic diversification as well.

but i think it's more than the vertical integration it's our geographic diversification as well


specifically, things have not been looking so well.

specifically things have not been looking so well


and superior and sustainable returns for our shareholders.


We do anticipate some quarterly fluctuations in our growth rates during the year.

we do anticipate some quarterly fluctuations in our growth rates during the year


Thank you all very much for joining us. We look forward to updating you on our next earnings call.

thank you all very much for joining us we look forward to updating you on our next earnings call


Blue Mountain has an excellent existing footprint and attractive growth prospects.

blue mountain has an excellent existing footprint and attractive growth prospects


especially once we get to the point of releasing the acreage and showing everybody where it is. But

especially once we get to the point of releasing the acreage and showing everybody where it is but


Fourth, New product development remains a priority.

four new product development remains a priority


is provided in the tables included with our press release and in our quarterly report on Form 10-Q filed this morning

is provided in the tables included with our press release and in our quarterly report on form 10-q filed this morning


This probably represents the closest potential new resource that might be developed.

this probably represents the closest potential new resource that might be developed


and then, we've got to go live and then we start to see revenue hit. So

and then we've got to go live and then we start to see revenue hit so


We are also maintaining our commitment to returning capital to shareholders through our dividend program

we are also maintaining our commitment to returning capital to shareholders through our dividend program


With that, I'll hand the call over to Matt for some comments on our balance sheet and guidance.

with that i'll hand the call over to matt for some comments on our balance sheet and guidance


This is a line that is very important for the city of Lima

this is a line that is very important for the city of lima


Finally, we managed our receivables very well

finally we managed our receivables very well


or as LNG after cooling and compression process.

or as lng after cooling and compression process


of additional projects as applicable. With that, I'll turn the call over to Al.

of additional projects as applicable with that i'll turn the call over to al


the increase in adjusted cash flow used for operating activities


It's also a confirmation of the criticality of our systems, our services

it's also a confirmation of the criticality of our systems our services


Has KPMG completed its work on your reserves?

has kpmg completed its work on your reserves


Let me spend a moment providing a few highlights by category.

let me spend a moment providing a few highlights by category


We are actively working with partners on implementation, and we are going to manage this transition

we are actively working with partners on implementation and we are going to manage this transition


We are confident that we will continue to benefit as that market grows.

we are confident that we will continue to benefit as that market grows


It's now our definition so everybody can work with that. And that's the reason why I also said in our speech

it's our definition so everybody can work with that and that's the reason why i also said in our speech


We've got an operational focus and a leader in that division today

we've got an operational focus and a leader in that division today


the causes of disease and successfully discover new drug candidates.


as well as a meaningful increase in deferred revenue during the September quarter.

as well as a meaningful increase in deferred revenue during the september quarter


So what is -- what gives you so much more confidence this time than many other times?

so what is -- what gives you so much more confidence this time than many other times


Okay, great. And then last one. Obviously saw some nice sequential growth in the

okay great and then last one obviously saw some nice sequential growth in the


As we execute on these priorities, we will build a more resilient and profitable business.

as we execute on these priorities we will build a more resilient and profitable business


We believe our second quarter UAN prices will be much higher.

we believe our second quarter uan prices will be much higher


And if I could, Alex, the margins you're seeing from the businesses are the kind of margins you would expect

and if i could alex the margins you're seeing from the businesses are the kind of margins you would expect


We remain intently focused on improving our project execution and risk management,

we remain intently focused on improving our project execution and risk management


But I'll be very mindful that our inventory program didn't even kick off until the end of November.

but i'll be very mindful that our inventory program didn't even kick off until the end of november


the north star really has been add to the front of house and leverage the back of the house as much as we can.


Regarding payer coverage, we are very pleased with the access we have seen thus far.

regarding payer coverage we are very pleased with the access we have seen thus far


hybrid combination contract coming out in the market where municipalities


I strongly believe that this will serve our shareholders very well in the future.

i strongly believe that this will serve our shareholders very well in the future


So what we're doing is we're basically reinvesting some of those

so what we're doing is we're basically reinvesting some of those


We have provided a reconciliation of these measures to the most directly comparable GAAP measures

we have provided a reconciliation of these measures to the most directly comparable gaap measures


calculated on our September 30 inventory levels and year-to-date shipment levels

calculated on our september 30 inventory levels and year-to-date shipment levels


about 5 are expected to be addressable by our product line.


with an effective interest rate of essentially 0% for a term of 3 years.


For today's event, I will be going over a few key accounting treatments

for today's event i will be going over a few key accounting treatments


We are comparing result on a sequential basis in some places of our presentation today.

we are comparing results on a sequential basis in some places of our presentation today


a sense of what can change so dramatically in the space of 3 months


opportunities. We have a large number of discussions in process.

opportunities we have a large number of discussions in process


It has been my utmost honor to share this time with you

it has been my utmost honor to share this time with you


historically or traditionally have invested in the multi-family space who are

historically or traditionally have invested in the multifamily space who are


by opening the enrollment to a less frequent attack rate,


And I think we're basically, hopefully getting through that, whereby we will be,

and i think we're basically hopefully getting through that whereby we will be


and 8 basis points of average loans for the full year

and 8 basis point of average loans for the full year


obviously we're going to carefully evaluate any opportunities that come our way, but

obviously we're going to carefully evaluate any opportunities that come our way but


and fraud, security and risk management and operational services

and fraud security and risk management and operational services


Yes, I'll start by saying that we believe our scale and focus in the space

yes i'll start by saying that we believe our scale and focus in the space


this quarter, we are prioritizing investment to make sure that the waiting list

this quarter we are prioritizing investment to make sure that the waiting list


On the bottom of the page, we present other operating income. Other operating for the quarter

on the bottom of the page we present other operating income other operating for the quarter


I would like to provide a few modeling assumptions for the second half of the year. As a reminder,

i would like to provide a few modeling assumptions for the second half of the year as a reminder


I will now turn the call over to him to give third quarter financial updates. Phil?

i will now turn the call over to him to give third quarter financial updates phil


Although the top line hasn't grown significantly, the bottom line has grown massively.

although the top line hasn't grown significantly the bottom line has grown massively


what we expect that the amount of dose


and partly, of course, only during peak seasons like additional storage

and partly of course only during peak seasons like additional storage


So the good news is, I think, The Home Depot team

so the good news is i think the home depot team


First, we announced an exciting partnership with Visiopharm at the recent user group meeting,

first we announced an exciting partnership with viziopharm at the recent user group meeting


Please turn to Slide 9 for information on the dividend.

please turn to slide 9 for information on the dividend


and we believe we're back to normal. So I would not say

and we believe we're back to normal so i would not say


Important factors that could cause actual results to differ materially from the company's expectations

important factors that could cause actual results to differ materially from the company's expectations


and this is mainly driven by Spain.


In terms of international manufacturing capacity, we have already sprung into action.

in terms of international manufacturing capacity we have already sprung into action


So we would really be looking in other countries that have a lot of cash,

so we would really be looking in other countries that have a lot of cash


And since we have not observed that yet in the trial while we do observe,

and since we have not observed that yet in the trial while we do observe


So this process has its own pace,


After a merger of equals, the organization was using both CyberArk and the competitive product.

after a merger of equals the organization was using both cyberark and the competitive product


Our business plan continues to produce strong financial results for our shareholders.

our business plan continues to produce strong financial results for our shareholders


you're sort of kind of a little bit stuck in no man's land with the unsecured strategy from the standpoint of


along with the new data that was generated in Russia

along with the new data that was generated in russia


The increase compared with the third quarter reflects increased variable compensation.

the increase compared with the third quarter reflects increased variable compensation


And so we've given you the range that we think will

and so we've given you the range that we think will


And second is, the good news is the portfolio works. Any which way you look at it,

and second is the good news is the portfolio works any which way you look at it


And we continue to execute on our capital deployment strategy to maintain a strong balance sheet,

and we continue to execute on our capital deployment strategy to maintain a strong balance sheet


While inflationary pressures typically result in higher margins in the short term,

while inflationary pressures typically result in higher margins in the short term


As a result of this new policy, we announced earlier the approval of a capital plan,

as a result of this new policy we announced earlier the approval of a capital plan


We expect oil and gas loans to stabilize or possibly increase somewhat.

we expect oil and gas loans to stabilize or possibly increase somewhat


Prior to dosing, scamp scores are not


We finalized our acquisition of the Dr. Organic brand in December.

we finalized our acquisition of the dr organic brand in december


So there's all kinds of things in discussions and negotiations we're having

so there's all kinds of things and discussions and negotiations that we're having


Our many accomplishments since then confirm that we're making solid progress

our many accomplishments since then confirm that we are making solid progress


recently was Morris, which was a good deal for them and a good deal for us,

recently was morris which was a good deal for them and a good deal for us


What I can tell you at this point is that, similar to our strategy around PH,

what i can tell you at this point is that similar to our strategy around ph


is the opportunity to have more flexible packaging formats available,


We continue to evaluate our assumptions on commercial OE in general.

we continue to evaluate our assumptions on commercial oe in general


cautious in terms of sizing the prize within the broader snacking space,


The solid cash flow allowed us to maintain a healthy financial position.

the solid cash flow allowed us to maintain a healthy financial position


and we would expect no disruption to our shareholder distribution plans.


and more about -- excuse me -- how we're going to bring the categories to life. So

and more about -- excuse me how we're going to bring the categories to life so


So on behalf of our entire management team, I would like to thank you for your support and interest in Waters.

so on behalf of our entire management team i would like to thank you for your support and interest in waters


Realization plans for impaired loans are monitored closely by a specialized team.

realization plans for impaired loans are monitored closely by a specialized team


As far as regular runoff out of the portfolio, we've seen it fall to the

as far as regular runoff out of the portfolio we've seen it fall to the


So I think we need to stop thinking about it from that perspective.

so i think we need to stop thinking about it from that perspective


the pullback in oil prices, but also some of the early guidance issued by

the pullback in oil prices but also some of the early guidance issued by


Growth in these expenses was affected by both the lapping of the held-for-sale accounting changes,

growth in these expenses was affected by both the lapping of the held-for-sale accounting changes


There are literally dozens of trading integration products underway across the firm

there are literally dozens of trading integration products underway across the firm


there's been activity going on, so we try and strip that out as much as we can.

there's been activity going on so we try and strip that out as much as we can


how much did it change the guidance you presented today versus what it would've been if it were still in the year?

how much did it change the guidance you presented today versus what it would have been if it were still in the year


So that's a key component, I think, for your modeling

so that's a key component i think for your modeling


There are business opportunity participants, and that's what you would think of as the current

there are business opportunity participants and that's what you would think of as the current


continuing on the group theme. You mentioned that you are taking some market share.

continuing on the group theme you mentioned that you are taking some market share


We continue to see solid growth in our 3 focus areas.

we continue to see solid growth in our 3 focus areas


These new customer on-boardings and aggressive organic growth plan

these new customer onboarding and aggressive organic growth plan


So we feel that we have multiple options in front of us

so we feel that we have multiple options in front of us


And thirdly, we have innovative management

and thirdly we have innovative management


But we remain comfortable given the quality of our underlying cable cash flow stream,

but we remain comfortable given the quality of our underlying cable cash flow stream


in a really rational way, but that doesn't mean that we can't -- we shouldn't work with the physicians

in a really rational way but that doesn't mean that we can't -- we shouldn't work with the physicians


Now I would like to turn the call over to Matt to address our third quarter financial results.

now i would like to turn the call over to matt to address our third quarter financial results


This whole company is in the hands of the Wallonia regions.

this whole company is in the hands of the waloone regions


in a couple of the businesses. We shut down some of the unperforming businesses,

and a couple of the businesses we shut down some of the unperforming businesses


And we will continue to execute on our capital deployment strategy to maintain a strong balance sheet,

and we will continue to execute on our capital deployment strategy to maintain a strong balance sheet


Time frame, we will have -- first of all, we have a lot of customers

time frame we will have -- first of all we have a lot of customers


are now hard at work doing the same with our subsequent equity raised in January.

we are now hard at work doing the same with our subsequent equity raised in january


Segment profit is equal to net revenues less the sum of cost of care,

segment profit is equal to net revenues less the sum of cost of care


was to speed up our growth, and I already alluded to how we're going to do that.

was to speed up our growth and i already alluded to how we're going to do that


pricing methodologies, cost of service and average prices paid by current shippers.

pricing methodologies cost of service and average prices paid by current chippers


As you know, we sold one business to NASDAQ and we sold another business to The New York Stock Exchange.

as you know we sold one business to nasdaq and we sold another business to the new york stock exchange


And we do experience in this segment as well some commodity price pressures.

and we do experience in this segment as well some commodity price pressures


As a reminder, last year's third quarter adjusted income from continuing operations

as a reminder last year's third quarter adjusted income from continuing operations


These risks and uncertainties include those set forth in our earnings release published this morning

these risks and uncertainties include those set forth in our earnings release published this morning


What this means is we have the right partners. And third,

what this means is we have the right partners and third


Could you talk a little bit about the drivers and how sustainable

could you talk a little bit about the drivers and how sustainable


That is not to say that we haven't seen a decrease in the 24-hour packages

that is not to say that we haven't seen a decrease in the 24-hour packages


when we look at -- if you're building off of the base from the fourth quarter,


and we had forecast a little bit more growth originally at the beginning of the year.


Most of the time it's a question of when the seller is willing to part with their asset,

most of the time it's a question of when the seller is willing to part with their asset


And while we've had no difficulty replacing

and while we've had no difficulty replacing


we made some moves to capture some of the metal on April.

we made some moves to capture some of the metal on april


We plan to update our annual financial guidance on the second quarter earnings call.

we plan to update our annual financial guidance on the second quarter earnings call


But this is really a new opportunity for us in the VA but it is going to take some time because

but this is a really a new opportunity for us in the va but it is going to take some time because


we see dividend really as a way of instilling capital discipline into the business,

we see dividend really as a way of installing capital discipline into the business


We've ignited positive momentum now and intend to capitalize on that.

we've ignited positive momentum now and intend to capitalize on that


So you did ask earlier if we


into marketing other than some of the things I mentioned in my comments about

into marketing other than some of the things i mentioned in my comments about


contracting with some outside resources that can help us make sure that we're


later this year. And we have a number of options available

later this year and we have a number of options available


has sort of put a little bit of sand in the gears in the near short term